When we took our IVA in March 2011 we were unable to release any equity in our property. We had a non- protocol amendment put into our agreement that meant we had to sign up to a 72 month agreement (6 years). This non-protocol amendment was put in by Northern Rock because the loan we had on top of our mortgage was unsecured and they want every penny they can get back.
If we do not have any equity in our property at the end of the 72 months can they extend our IVA ? in fact can they just keep extending an IVA until they have got every penny back ? we are currently paying 70% of our debt back and have not missed any of our payments. Indeed we are paying 50% of my husbands OT in as additional payment. I know that this question may seem a bit too early to be asking but it is really beginning to worry us that we may have done the wrong thing in taking an IVA and this worry is putting extreme pressure on us both
